Two in Three Addresses Holding Solana's Largest Tokenized-Stock Line Hold Less Than a Dollar
Solana says 1.4 million addresses now hold tokenized stocks. Across every priced xStock, the largest tokenized-stock line on the network, 525,741 addresses hold a balance. Two-thirds hold less than US$1. 2,690 hold US$5,000 or more, and they hold 97.7% of the value.
- Two in three Solana addresses holding xStocks, the network's largest tokenized-stock line, hold less than US$1 of them. Of 525,741 addresses holding a priced xStock on October 27, 2026, 348,391 (66.3%) held under US$1 in total and the median held US$0.40, so the address count that headlines tokenized-stock adoption is mostly balances under a dollar.
- The value sits in 0.5% of addresses. 2,690 addresses held US$613.4 million of the US$627.8 million measured on October 27, 2026 (97.7%), and that group includes decentralized-exchange pools and a few dozen addresses whose pattern fits exchange or custody wallets, which hold assets for many customers.
- Redemption with the issuer starts at US$5,000, and the 467,270 addresses holding under US$10 held US$475,884 between them on October 27, 2026, 0.1% of the value. For almost every address, the only exit is selling at the market price. see data →
Two in three Solana addresses that hold xStocks, the largest tokenized-stock line on the network, hold less than a dollar of them. On October 19, Solana announced that 1.4 million addresses hold tokenized stocks on its network, up from about 500,000 in June, citing Blockworks data. The figure counts addresses, not what they hold. Across every priced xStock, the largest tokenized-stock line on Solana, 348,391 of 525,741 addresses hold less than US$1.
Half a million addresses, US$627.8 million, and almost all of it in 2,690 of them
xStocks are tokens issued by Backed, each tracking one listed share or ETF and backed by the underlying security. Kraken, which agreed in December 2025 to acquire Backed, and Bybit sell them to customers outside the US, and they trade on Solana's decentralized exchanges. There are 1,477 xStocks on Solana, and 1,311 of them have a reference price; each address's holdings are valued at the underlying stock price. Two addresses hold almost every one of the 1,477 tokens, a pattern consistent with issuance inventory; they are excluded. The other 525,741 addresses hold US$627.8 million.
Fig 1
Solana addresses holding xStocks, by total value held
348,391 addresses hold less than US$1; 2,690 hold US$5,000 or more.
The distribution is steep at both ends. 467,270 addresses, 88.9%, hold less than US$10 and together hold US$475,884, 0.1% of the total. The 2,690 addresses with US$5,000 or more hold US$613.4 million, 97.7%. Those 2,690 include decentralized-exchange pools and other protocol accounts, about 7% of the value, and a few dozen large addresses whose pattern fits exchange or custody wallets, which hold assets for many customers. Between the two ends sit about 56,000 addresses holding US$10 to US$5,000.
Token by token, whole shares sit in a few hundred to a few thousand addresses
| Token | Addresses | With ≥1 share | Under 0.01 share |
|---|---|---|---|
| NVDAx (Nvidia) | 181,993 | 2,325 | 78.9% |
| SPYx (S&P 500 ETF) | 81,484 | 948 | 91.5% |
| SPCXx (SpaceX) | 68,887 | 1,786 | 72.8% |
| GOOGLx (Alphabet) | 60,166 | 821 | 88.6% |
| TSLAx (Tesla) | 58,335 | 1,985 | 79.0% |
| AAPLx (Apple) | 43,167 | 469 | 81.4% |
| GLDx (Gold ETF) | 42,295 | 522 | 84.1% |
| QQQx (Nasdaq-100 ETF) | 40,574 | 535 | 91.0% |
| METAx (Meta) | 38,767 | 265 | 93.5% |
| MSFTx (Microsoft) | 36,568 | 232 | 89.9% |
NVDAx has more addresses than any other xStock: 181,993. 2,325 of them hold a whole Nvidia share, and 78.9% hold less than a hundredth of one. The S&P 500 ETF token is among the most fragmented: 91.5% of SPYx addresses hold less than a hundredth of a share. Of these ten, Tesla has the highest share of whole-share holders, at 3.4% of addresses.
Small balances are allowed by design: no onchain minimum, US$1 at Kraken
Small balances are what the product allows. Each xStock can be divided onchain with no minimum, and Kraken sells them from US$1. Two-thirds of addresses hold less than that. The chain does not show why: a balance can be what is left after a sale, a promotional transfer, a test, or a deliberate fractional purchase on a decentralized exchange, which has no minimum.
An address count is not a count of people
Address counts depend on how they are added up. Summing each xStock's holder count gives 856,526, because 135,447 addresses hold more than one xStock; counting each address once gives 525,741. Neither is a count of people: one investor can hold many addresses, and xStocks bought on an exchange and left there sit in the exchange's own addresses, so many customers appear as a few addresses. The 1.4 million figure covers every tokenized-stock issuer on Solana and its method is not published; the figures above cover xStocks only.
Few addresses hold the issuer's US$5,000 redemption minimum
A tokenized stock is worth its share price because someone can convert it into the share. For xStocks that right belongs to onboarded investors redeeming at least US$5,000. 2,690 addresses, 0.5%, hold that much in one address across all their xStocks combined. Holding that much does not by itself mean an address can redeem. Below that amount, the only exit is selling to someone else at the market price.
Address counts are becoming the adoption metric just as US venues open
Address counts have become the headline adoption figure for tokenized stocks, quoted alongside the growth from 500,000 to 1.4 million. On Solana's largest tokenized-stock line, that count is mostly balances under a dollar.
The distinction is about to matter more. On September 17 the SEC issued an Innovation Exemption that, for five years, lets Tokenized Securities Venues trade tokenized US-listed stock through automated liquidity pools, with limits on the number of symbols and the volume traded. xStocks are not offered to US persons today. As US venues open under the exemption, the market will need a measure of adoption that distinguishes investors from addresses. Backed is already the dominant issuer of tokenized stocks, and the number that will show whether its growth is investors or addresses is the count of holders above a meaningful balance, not the count of holders above zero. The open question is which of the two the next million addresses will add to.
Every Token-2022 account of all 1,477 xStock mints on Solana, read through a public Solana RPC, slots 461,953,062 to 461,965,783 (05:30 to 06:17 UTC Oct 27, 2026), nonzero balances summed per owner address. The 1,477 are the 1,474 Solana tokens on the issuer's published list plus three tokens under the issuer's mint authority with live supply that the list no longer shows; an independent sweep for unlisted mints was not possible. Shares include each token's multiplier for dividends and corporate actions. Two addresses holding almost all 1,477 tokens (US$30.8B at reference prices) are excluded.
Solana explorer · NVDAx mintEach token valued at its underlying stock price as reported for xStocks by Jupiter's price service at 05:25 to 05:32 UTC Oct 27, 2026, times the token's multiplier. Decentralized-exchange pool quotes are not used. 1,311 of 1,477 tokens have a price; the 166 without one, mostly European-listed lines, are excluded from every address count and dollar figure, which removes 9 addresses that hold only those tokens.
Jupiter price APINo onchain minimum and divisible onchain (Solana case study); US$1 minimum purchase and not available to US persons (Kraken FAQ); redemption with Backed for onboarded investors at a US$5,000 minimum (xStocks documentation).
xStocks documentationNo address is attributed to an entity, including the two excluded addresses, and no claim is made that any address can redeem. No claim is made about why small balances exist or how many people the addresses represent. The 1.4 million figure covers all tokenized-stock issuers on Solana and is not re-derived here. Single point-in-time reading; no growth or trend is claimed. xStocks on other chains are not included.
OnChain Benchmark methodology · onchainbenchmark.com/methodology- How many people hold tokenized stocks on Solana?
- The chain shows addresses, not people. 525,741 Solana addresses held a priced xStock on October 27, 2026; 66.3% held less than US$1 in total and 2,690 held US$5,000 or more. One person can hold many addresses, and exchange customers can share one.
- Who holds the value in xStocks on Solana?
- 2,690 addresses holding US$5,000 or more held 97.7% of the US$627.8 million measured. They include decentralized-exchange pools and other protocol accounts, about 7% of the value, and a few dozen addresses whose pattern fits exchange or custody wallets. The 467,270 addresses holding less than US$10 held 0.1%.
- Can xStocks holders redeem their tokens for the stock?
- Redemption with the issuer is open to onboarded investors at a US$5,000 minimum. 0.5% of addresses hold that much in one address; holding it does not by itself mean an address can redeem. Holders below it sell on an exchange or decentralized venue.
- Why do so many addresses hold less than a dollar?
- xStocks are divisible with no onchain minimum. The chain does not show why a given balance is small; it can be left over from a sale, a promotional transfer or a small purchase.